London house prices rise 2.5% in January – latest figures

Average house prices across England and Wales increased by 1.1% in January, according to the latest House Price Index, published today by the Land Registry.

Official figures show London saw the biggest monthly price rise with an increase of 2.5%. Prices in the capital now stand 2.9% higher than this time last year at an average of £351,305.

The only region in the UK not to see a rise in prices in January was the north-west, which saw prices fall by 2.1%.

These latest figures also show that, during November 2011, the number of completed house sales in England and Wales increased by 3 per cent to 57,967 compared to 56,312 in November 2010.

The number of properties sold in England and Wales for over £1 million in November 2011 decreased by 4 per cent to 524 from 548 in November 2010.

Richard Gordon of UKPI said: “These latest figures support the frenetic activity we have been seeing in the London and south-east region since the turn of the year.

“There is no question that things have picked up dramatically since December. Time will tell whether it can be sustained but from what we are seeing there has been as real shift in sentiment. It shows that people have got confidence in bricks and mortar despite the wider economic backdrop of uncertainty.

“I talked last week about the cork being about to pop out of the bottle as pent-up demand builds. Well if this level of activity and price increases continue over the next month or two, then dare I say it – spring boom?”


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